Product:

Canara Bank is one of the leading banks in India. The service portfolio of Canara bank is broadly divided into 5 segments that are Personal Banking, Corporate Banking, NRI Banking, Priority Portal and MSME Banking. The services are the banking products in its marketing mix, which is explained as follows.

Price:

Canara Bank has a diverse portfolio and hence a wide range of prices. The pricing strategy in its marketing mix are kept competitive as other public sector banks to keep their services as attractive as others. The charges vary from the service offerings and amount of the balance maintained in the savings account the amount of credit taken from Canara Bank. It also depends on the number of transactions as well as proper maintenance of satisfactory records. If the customers maintain a minimum of Rs. 1000 and Rs. 500 then there are no charges but if lesser balances are maintained charges are levied on monthly basis. Also the annual charges charged by Canara Bank for accounts differ with the quantum of services the customer uses. The more premium services the customer utilizes the more he/ she is charged. But then again if he is loyal and is meets a minimum number of transactions and purchases charges maybe waived off. The charges on the loans depend on the amount of credit. The loans which are of longer terms and are more popular have lesser interest rates. The personal loan charges offered by Canara Bank are higher because of less quantum. The agricultural loans and MSE loans have quite low interest rates to the tune of 8.65% and for lower loan amounts there are no margins.

Place:

Canara Bank has a quite visible with 5900+ domestic branches and 10,000+ ATMs. Out of these branches there are branches which are focused niche segments. Canara Bank has 160+ SME branches, 12 prime corporate branches, 25+ mid corporate branches, 20+ asset recovery branches. It has tied up with third parties to extend its insurance products and asset management. Canara Bank has tied up with Apollo Munich Health Insurance for selling its insurance products. To serve its depository participant services, it has got branches at 30+ locations across the country. To extends its rural schemes Canara Bank also sponsors to regional rural banks. It has also got 11 branches strategically placed across the globe to cater to its NRI customers and also to the foreign customers. Canara Bank also has presence online through its mobile app and websites for its online customers which give a plethora of services.

Promotion:

Canara bank uses various methods of promotions mostly through outdoor advertisements, TV commercials, print advertisements through major newspapers, billboard advertisements on its branches. Canara Bank also sponsors various events for promotion of its products. To spread awareness of various products and gain maximum visibility it goes door to door by hiring, its employees and other third party agents. It has specialised vehicles to provide information about its products and services and also avail its services on the spot. Various government schemes are also spreaded through aggressive marketing through its employees. Canara Bank also promotes its products online on its own website and apps and also on its partner websites. It also does personalised advertisements through mobile marketing by sending messages on phones. It also has various reward programs to promote more transactions.

Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Canara bank.

People:

Canara Bank has a very strong relationship with its customers and hence its employees and management needs to be on its feet to serve the best to its customers. Canara Bank selects its junior employees through a detailed national level recruitment process. After the selection they go through a rigorous training process after which they are absorbed so that they can present their best self and can perform at enhanced standards. The employees also undergo timely trainings to stay updated with regularly changing policies and standards. To provide trainings Canara Bank has dedicated staff training colleges which are placed at various locations in the country. To educate the people about new policies and to cater to premium customers it has got dedicated employees. Canara Bank has got a very structured organisational structure which ranks to the chairman and appraisals and remunerations happen on a timely basis through examinations. The remunerations provided are in line with other public sector banks as set by the government policies.

Process:

The processes of Canara bank are quite exhaustive and as per government guidelines. Due to this fraudulent cases and errors are quite less in the bank. With the help of IT systems Canara Bank is now able to provide very quick service to its customers and make its customer happy. As compare to the past now with innovation and automation in various processes it has been able to complete account opening loan approval and other services within a three days which earlier used to take a lot of time. There are also instant loan approvals for housing and car loans. Canara Bank has also made many of its processes online and on phone so that customer can access them at his convenience rather than going to the branches to get serviced. The bank also has multiple dedicated counters and also reception areas so that customers can easily get serviced in a speedier manner.

Physical Evidence:

Canara Bank branches have a well-defined locations and standard specifications of branch setting to provide minimum amount of services. Although there is no dress code for employees they have to maintain certain standards while transacting with the customers. The Canara Bank customers also get timely SMS updates for various transaction done on their accounts. They get cards for transactions and ATMs where they can access multiple banking services apart from withdrawals and balance enquiries. They also get passbooks, chequebooks and other various forms in a standard mentioned format to help them through the transaction and service process. Also the Canara Bank employees guide them through the processes wherever required. They also get various certificates and proofs for loans and deposits they make to be produced as other platforms and to keep as reference. Hence, this covers the Canara Bank marketing mix.

About Canara Bank:

Canara Bank is a public sector commercial bank which was founded in Karnataka by Ammembal Subba Rao Pai as the Canara Bank Hindu Permanent Fund. It became Canara Bank Limited in 1910 and later was nationalised by the government in 1969 where it holds over 66% of shares and hence decision taking authority remains with the government. It currently is headed by T N Manoharan as the chairman and Rakesh Sharma as MD and CEO. Canara Bank had a revenue of Rs. 204 billion and profit of Rs. 7 billion. It also ranked among the top 5 public sector banks as of March, 2016 by Indian Banks’ Association. It currently has 8 subsidiaries in India. Canara Bank has been a winner in MSE lending in 2014 and 2015 and also received award for the same from government of India.

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